Saudi Arabia to increase capital levels for insurers

Saudi Arabia is set to implement new regulations that would raise capital requirements for the kingdom's insurance sector, its central bank governor told Bloomberg TV. The new requirements would "make the market more attractive to foreign investors," Ahmed Alkholifey, governor of the Saudi Arabian Monetary Authority, said in an interview in Riyadh. He declined to specify the new capitalization ratio but said it will be "definitely higher than the current one." Of Saudi Arabia's 33 insurance companies, 10 made a loss last year, with the bulk of profits being earned by two companies:...